March 2008/3

Lloyd's insurer Chaucer Holdings plc will continue to target improving conditions in UK motor as it looks to realign its book in the face of softening in other lines of business.

Lloyd's insurers will be able to accept business from brokers around the world, but the market's unique - and sometimes criticised - capital structure will not be overhauled, according to proposals that were published last week.

Bermuda-headquartered (re)insurer Catlin Group Ltd reported an 8 percent increase in combined earnings to $462mn for 2007, on the back of the integration of acquired London (re)insurer Wellington Underwriting...

Stephen Matanle, the long-standing Marsh executive who left the firm last month as part of a widespread restructuring, has joined Libero Ventures Ltd, the new Lehman Brothers subsidiary.

US property and casualty (P&C) insurance rates were down 14 percent on a composite basis in February, with rates in the worst-hit sector, commercial property, falling 17 percent in the period, according to US insurance aggregator MarketScout.

Aspen Re has become the first Bermudian reinsurer to implement electronic accounting and settlement (A&S).

Mirroring the aviation sector, an excess of capacity together with low losses are driving premium rates downwards, according to Aon's Aerospace Insurance Market Review.

Wall Street banks could lose a further $325bn in capital due to deteriorating sub-prime US mortgages in the face of a "systemic margin call", according to JPMorgan.

Lloyd's has approved Syndicate 2008 to write reinsurance to close (RITC) business, with the Shelbourne Syndicate Services Ltd (SSSL) managed vehicle already closing four open year syndicates with gross insurance reserves of around $455mn.

Brit Insurance Holdings said it was "business as usual" this morning after the UK insurer posted £62.5mn of net reserves for sub-prime related liability claims.

Ironshore Inc is carrying out due diligence on Lloyd's insurer Heritage Underwriting Agency after signing a non-disclosure agreement (NDA), our sister publication The Insurance Insider revealed today.